Petronas awards Block SB405 to Copem, PCSB

GEOJE, Nov 27 -- Malaysian national oil and gas company Petroliam Nasional Bhd (PETRONAS) leading the global liquefied natural gas (LNG) business arena with its FLNG Dua coming on board, making it the only player in the sector to own and operate two floating LNG facilities. This achievement demonstrates its strong position in the LNG industry, leading the way in innovative solutions to ensure a reliable and secure supply of LNG to meet the growing demand for cleaner energy. The naming ceremony held at the Samsung Heavy Industries Shipyard in Geoje Island South Korea was officiated by Tun Dr Siti Hasmah Mohamad Ali as the Lady Sponsor and proceeded with the signing of a commemorative plaque by Tun Dr Mahathir Mohamad onboard PFLNG Dua followed by a guided tour of the 393-metre-long floating LNG facility --fotoBERNAMA (2019) COPYRIGHTS RESERVED

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Petronas has awarded Block SB405, off the coast of Sabah, offshore Malaysia, to ConocoPhillips East Malaysia Limited (Copem) a subsidiary of ConocoPhillips and PETRONAS Carigali Sdn. Bhd. (PCSB).

The award of this exploration block is expected to bolster exploration activities off the coast of Sabah following the opening of more block investment opportunities in the country.  

Copem is the operator for Block SB405 PSC, with a participating interest of 85 per cent, while PCSB holds the remaining 15 per cent. SB405 is the new addition to COPEM’s existing interests in five PSCs in Malaysia, which are Block J, G and Kebabangan located off the coast of Sabah and SK304 and WL4-00 located off the coast of Sarawak.

The signing ceremony of the Production Sharing Contract (PSC) yesterday were attended by Petronas Senior VP of Malaysia Petroleum Management Mohamed Firouz Asnan, PCSB VP of Exploration, Upstream, Emeliana Rice-Oxley, and President of Copem, Erik Keskula, respectively.   

“The entry of Cope with its world class proprietary seismic technology into Block SB405 is expected to enhance the hydrocarbon resource potential off the coast of Sabah,” Mohamed Firouz said.

“This is an area that has a proven working petroleum system with previous discoveries such as Kuda Terbang and Nymphe fields.  At the same time, the new investment of COPEM in Block SB405 represents enhanced confidence of foreign investors in the upstream sector in Malaysia,” he added.  

“The partnership with PCSB provides that winning combination to support the potential development of the resource within the North East Sabah basin area upon successful commercialisation of the discoveries.  

“Under our right asset, right player strategy, we hope to unlock the full potential of the hydrocarbon resources in Malaysia towards successfully delivering clean and reliable energy to our customers in Malaysia and abroad,” he added.  

Block SB405 is located in the North East Sabah basin, off the coast of Sandakan, with an area size of 5,857 square kilometres and in water depth of up to 100 metres.